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资本预算是对固定资产投资所进行的计划。通过资本预算,管理者能清楚地看到各种投资项目的收益,进而根据投资项目的收益增加企业的价值来决定放弃还是采纳某个项目。与此同时,资本预算技术的水平与一个企业的持续发展、企业价值最大化的目标紧紧联系在一起。这也意味着资本投资一旦失误,对企业造成的损失和影响是巨大而深远的。在资本预算编制过程中,现金流量预测、资本投资项目效益评价、资本投资项目的选择与企业价值最大化、资本预算与投资风险等是其重点关注的对象,本文就从这几个方面对资本预算决策与企业价值的关系进行了探讨。
Capital Budgeting is a plan for investing in fixed assets. Through the capital budget, managers can clearly see the proceeds of various investment projects, and then increase the value of the business according to the return on investment projects to decide to abandon or adopt a project. In the meantime, the level of capital budgeting technology is closely linked with the goal of a company’s sustainable development and maximization of corporate value. This also means that if the capital investment is made in the wrong way, the loss and impact on the enterprise will be enormous and far-reaching. In the capital budgeting process, cash flow forecasting, capital investment project efficiency evaluation, the choice of capital investment projects and the maximization of corporate value, capital budget and investment risk are the focus of their attention, this article from these aspects of capital The relationship between budget decision and enterprise value is discussed.